The NinjaTrader Modified Chartmill Value Indicator (MCVI) is based on the Chartmill Value Indicator (CVI) that was published by Dirk Vandycke in the January 2013 issue of Technical Analysis of Stocks and Commodities. The CVI measures the standard deviation from a moving average. So, as the moving average rises, price will also need to rise to increase, or keep the current spread between price and the underlying moving average.
The Modified Chartmill Value Indicator (MCVI) is built on our Oscillator Framework, which allows users to easily run the indicator on multiple time frames (MTF), including custom bar types. To preview “The Framework” that makes our indicators a necessary part of every traders arsenal, please review the following video: